The "PROFESSIONALS" and your money

You should remember how an international audit firm helped Enron screwing everybody ? And now another of the big audit firm is getting sued. All those 'professionals' that suppose to give the investing public confidence are nothing better than Madoff. I have been wondering how come those rating agencies have not receiving similar treatments ?

Go watch Jack Neo's film "Just Follow Law" where Fann Wong went to consult a medium who demanded expensive fees for his "job". When Wong asked whether that comes with a guarantee that his trick will work. Listen how the medium answers her is a pure magic. Spoke so well on all those 'professionals":-

Reuters:- Accounting giant KPMG was hit with a billion-dollar lawsuit on Wednesday over claims its "grossly negligent audits" helped trigger the collapse of a top subprime mortgage lender at the start of the U.S. housing crisis.

New Century Financial Corp, the largest independent provider of home loans to people with poor credit, filed for bankruptcy two years ago amid mounting customer defaults.

Its failure rippled across the U.S. mortgage lending industry, sparking a string of other bankruptcies that roiled financial markets as banks booked losses on billions of dollars in mortgage-linked securities at the heart of the current global financial crisis.

The lawsuit, on behalf of a liquidating trust formed by New Century debtors, was filed against both KPMG International and its U.S. arm, KPMG LLP.

It accuses KPMG of helping cover up "catastrophic" problems at New Century -- including accounting and financial errors -- that led to its collapse.

"As New Century's auditor, KPMG failed its public watchdog duty," the suit says.

KPMG spokesman Dan Ginsburg said he had not seen the suit but issued a statement saying the company had acted "in accordance with professional standards" in its dealings with New Century.